One call it cash flow in corporate accounting revenue when income accrues in both cases the Cash is important for all economic activities when it is directly or vicarious path is curbed to fiscal negotiations the growth slackens its pace to FM if it is life line for development of government expenses so it is for growth of masses income in business.
Finance Minister Arun Jaitley today said that revenue is the lifeline of developmental activities in the country. He said, revenue has a great importance in the society and is the lifeline of governance.
Mr Jaitley was Speaking at the National Academy of Customs, Indirect Taxes and Narcotics Foundation Day and Passing Out Ceremony of 67th Batch of IRS at Faridabad. Mr Jaitley said, the revenue is spent on national security, rural India development and infrastructure.
The Finance Minister said, the people have the right to demand development but on the other hand there is a responsibility on them to pay taxes what is required for development.
Mr Jaitley said, efforts are always made in the fiscal policy to ensure that the commodities which are used largely by consumers are least taxed as indirect tax puts burden on everyone.
He said, the society which was conventionally non-tax compliance society, is undergoing a transformational change today and people are realising the virtues of greater compliance.